Pharmacogenomics Testing Industry - Regional Synopsis
North American Market Forecasts
The pharmacogenomics testing market in the North America industry is poised to hold largest revenue share of 35% by 2037. The growth of this market can be ascribed on the back of increasing healthcare expenditure and presence of manufacturers in the region. The US spent USD 4.5 trillion on health care in 2022, up 4.1 % from the previous year, or USD 12,493 per person. Health spending accounted for 17.2 percent of the nation's GDP. Shifting healthcare landscape emphasizes tailoring treatment to individual needs based on genetic variations. Pharmacogenetics offers insights into individual drug response variability leading to more effective treatments with fewer side effects. Next generation sequencing and other technologies make testing cheaper, faster, and more accessible. Enhanced accuracy and wider test panels encourage broader adoption.
European Market Statistics
The market in the European region is set to grow significantly by the end of forecast period. The growth of this market be attributed on the account of increasing demand by end users owing higher healthcare spending in the region. Advancements in DNA sequencing technologies are making pharmacogenomics testing more affordable and accessible. This is making it more feasible for healthcare providers to offer pharmacogenomics testing in their patients. Furthermore, some European governments are implementing policies that support the use of pharmacogenetics testing.
